Sinopec Wins Algerian Field Development Contract
Wednesday, October 02, 2002
The Government of Algeria has awarded a contract to Sinopec to develop the Zaraitine field. The contract calls for Sinopec to increase recovery rates from the field by 10% to 50%. The deal is valued at $525 million and Sinopec's contribution will be 75%. Sonatrach will contribute the other 25%. Zarzaitine Field is located in the southern Hassi Messaoud's main crude oil producing province where Algeria's biggest oilfield known as Hassi Messouad lies.